Hoyer Statement on the U.S. Auto Industry

“In light of today’s dismal report showing millions of Americans out of work and an economy deep in recession, it is clear that we must act to assist the automobile industry. Letting these companies fail would have a disastrous impact on millions of American families already hurt by the poor economy.

“Taxpayer assistance must be accompanied by vigorous oversight and mechanisms to ensure that the loans are repaid and the industry follows through with restructuring plans to become competitive in the 21st century economy.

“I expect Congress to take action on legislation next week. However, the Bush Administration should use their existing authority and take necessary action to assist the auto industry and ensure their viability.”